Financial Rights joined with other consumer advocates to commend the Treasury Paper’s focus on improving the existing regulatory framework to ensure consumers receive fair treatment from product issuers and distributors. We believe the integrated package of reforms proposed in the Proposals Paper will significantly improve consumer outcomes in the financial system.
We believe the Proposals Paper needs strengthening in two important areas. Firstly, the range of products and services covered by the proposed design and distribution obligation and product intervention power should be extended, particularly in regards to credit. Secondly, the Australian Securities and Investments Commission (ASIC) should be empowered to make a broader range of product interventions, particularly in relation to remuneration.
